FRS 101 Eligibility Checker
Check whether an entity appears eligible to use the FRS 101 Reduced Disclosure Framework for these individual financial statements.
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Can this entity use FRS 101 for these accounts?
Answer only the questions shown. The checker stops asking questions once a conclusive eligibility failure is identified.
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The current FRS 101 qualifying-entity conditions
FRS 101 is an adopted-IFRS-based framework for qualifying entities preparing individual financial statements.
Qualifying group context
The entity must be a group member included in consolidated financial statements prepared by a parent. Those accounts must be publicly available and intended to give a true and fair view.
Individual accounts only
FRS 101 cannot be used for consolidated financial statements. A parent can still potentially use FRS 101 for its own individual accounts while preparing separate group accounts.
Eligibility and exemptions differ
An eligible entity may still need equivalent group disclosures, retain Companies Act disclosures or face financial-institution restrictions on particular exemptions.
Questions about who can use FRS 101
What is a qualifying entity under FRS 101?
It is a member of a group where the parent prepares publicly available consolidated financial statements intended to give a true and fair view, and the entity is included in that consolidation. Charities and the specified Schedule 3 plus IFRS 17 entities are excluded.
Can a subsidiary use FRS 101?
Potentially yes. A subsidiary can qualify where it is included in the relevant publicly available parent consolidation, the other qualifying-entity conditions are met and it otherwise applies the adopted-IFRS-based framework required by FRS 101.
Can an ultimate parent use FRS 101?
Potentially yes for its own individual parent-company financial statements. It cannot apply FRS 101 to its consolidated financial statements.
Can an intermediate parent use FRS 101?
Potentially yes for its individual financial statements if it is a qualifying entity. Whether it also prepares or is exempt from preparing its own subgroup accounts does not by itself replace the qualifying-entity test. Use the consolidation exemption checker for the separate group-accounts question.
Can FRS 101 be used for consolidated accounts?
No. FRS 101 applies to individual or separate financial statements. A parent that prepares consolidated accounts may still assess FRS 101 separately for its own individual accounts.
Do shareholders need to approve use of FRS 101?
The former FRS 101 shareholder-notification requirement was removed in December 2016. The current eligibility test does not ask about shareholder notification, objections or a shareholder percentage.
Can a financial institution use FRS 101?
Potentially yes if it is otherwise a qualifying entity. However, financial institutions cannot use the same exemptions for IFRS 7, IFRS 13 disclosures relating to financial instruments and relevant capital disclosures. Specialist disclosures may also be required, and the general Accoura FRS 101 Disclosure Checklist is not a complete specialist financial-institution checklist.
Can a small company use FRS 101?
Company size alone does not determine FRS 101 eligibility. A small company may potentially use FRS 101 if it meets the qualifying-entity definition and the applicable legal and framework requirements, although other UK reporting options may also be available.
Can FRS 101 and IFRS 19 be used together?
No. They are separate reduced-disclosure approaches. A qualifying entity applying FRS 101 must not simultaneously apply IFRS 19.
Is FRS 101 the same as IFRS?
No. FRS 101 uses adopted IFRS recognition, measurement and disclosure requirements, subject to FRS 101 exemptions and legal modifications. For a UK company, the resulting financial statements are Companies Act accounts, not IAS accounts.
Authoritative sources used
The result is based on current FRC requirements rather than older online eligibility summaries.
Need help confirming the framework?
A qualified adviser can review the consolidation, insurance, legal and reporting-framework facts before the accounts are prepared.